政府研究补贴、外部融资与高技术产业自主创新——基于中介效应与调节效应模型

Government R&D Subsidies,External Finance and Independent Innovation of High-tech Industries——Based on Intermediary Effect and Regulation Effect Model

首先,从理论上揭示政府研发补贴、外部投资与高技术产业自主创新之间的作用机理;其次,采用2011—2015年中国高技术产业的面板数据和动态系统GMM估计法,实证检验政府研发补贴对高技术产业自主创新的影响,并采用中介效应、调节效应模型,实证检验外部投资对政府研发补贴与高技术产业自主创新之间的影响机制。研究结果显示:①政府研发补贴促进了高技术产业自主创新;②政府研发补贴对东部、西部高技术产业自主创新的激励效应比中部地区更为显著;③政府研发补贴对国有企业、外资企业自主创新的激励效应比内资企业更为显著;④政府研发补贴对小微型高科技企业自主创新的激励效应比大中型企业更为显著;⑤外部投资对政府研发补贴与企业自主创新的中介效应、调节效应存在地区、企业属性、企业规模差异,政府研发补贴激励了西部地区、外商企业、大型企业、小微企业自主创新的外部投资资金,政府研发补贴挤出了中部地区、内资企业自主创新的外部投资资金。

Firstly,the mechanism of R&D subsidy,external investment and independent innovation of high-tech industries is revealed theoretically;Then adoption of panel data for 2011-2015 years of China’s high technology industry and dynamic panel model to empirically examine the impact of government R&D subsidies on the independent innovation of high-tech industries,and adopting mediating effect and regulating effect model to empirically examine the impact mechanism of external investment on government R&D subsidies and high-tech industries’independent innovation.The results of the study are shown as follows:①Government R&D subsidies have promoted the independent innovation of high-tech industries;②The incentive effect of government R&D subsidy on independent innovation of high-tech industries in Eastern and western China is more significant than that in central China;③The incentive effect of government R&D subsidies on state-owned enterprises and foreign-funded enterprises’independent innovation is more significant than domestic enterprises;④The incentive effect of government R&D subsidy on independent innovation of small and micro high-tech enterprises is more significant than that of large and medium-sized enterprises;⑤The mediating effect and moderating effect of external investment exist regional,enterprise attributes and enterprise scale differences,the government’s R&D subsidy has encouraged the western enterprises,foreign enterprises,large enterprises,small and micro enterprises to invest independently in their own innovation,but the government’s R&D subsidy has squeezed the external investment funds of the central region and domestic enterprises to innovate independently.